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REAL ESTATE DICTIONARY

gableA triangular
wall enclosed by the sloping ends of a ridged roof or a triangular decorative
feature.

gable decorationA
triangular filigree or panel fitted into the rake end of a gable
roof.

gable roofA ridged
roof that forms a triangle at each end.

gag ruleA provision
in contracts signed by new buyers that prohibits the owners from publicizing
complaints about the builder.

gambrel roofA roof
with two slopes, often seen on barns.

G

gapA defect in
the chain of title; a missing document that raises doubt as to the true owner of
the property.

gas valveA small
faucet-like device that controls the flow of gas to an appliance such as a gas
water heater, dryer, or oven. When the handle is turned in line with the gas
pipe, the valve is open; when it is perpendicular to the pipe, it's
closed.

general contractorThe person who hires all of the subcontractors and suppliers for a
project.

general planA
government's long-range land-use plan.

general-purpose circuitAn electric circuit that supplies a number of outlets for lighting
or appliances.

Georgian stylePopular throughout the 18th century, this type of architecture is
distinguished by a symmetrical façade, a prominent front entrance, and quoins
(decorative blocks of masonry or wood set in the corners of the
house).

giftA cash gift a
buyer receives from a relative or other source. Lenders usually require a "gift
letter" stating that the money will not have to be repaid.

gingerbread decorationAn intricate, almost lacy, wood trim.

girdersCrossbeams
that support floor joists.

glazedA window that
has been fitted with a glass pane. "Double glazed" refers to a window with
double panes.

glazier's pointA
small pointed metal clip that helps hold a pane of glass in a window
frame.

G

good-faith estimateAn estimate from an institutional lender that shows the costs a
borrower will incur, including loan-processing charges and inspection
fees.

Government National Mortgage Association
(GNMA)Commonly known as Ginnie Mae, this
agency buys home loans from lenders, pools them with other loans and sells
shares to investors. Unlike similar agencies Fannie Mae and Freddie Mac, Ginnie
Mae only purchases loans backed by the federal government.

GPM (graduated-payment mortgage)A mortgage that requires a borrower to make larger monthly payments
over the term of the loan. The payment is unusually low for the first few years
but gradually rises until year three or five, then remains
fixed.

grace periodA
specified amount of time in which a borrower may make a loan payment after its
due date without penalty.

gradeThe elevation
of land above level ground.

grade levelThe flat
or sloping surface upon which a house is built.

G

Graduate Realtor® Institute
(GRI)A designation issued by the National
Association of Realtors (NAR) to members who meet specific performance and
education requirements for residential real estate sales.

graduated-payment mortgageA mortgage that requires a borrower to make larger monthly payments
over the term of the loan. The payment is unusually low for the first few years
but gradually rises until year three or five, then remains
fixed.

granny flatSlang
term for a separate unit in a house or above the garage, which in the past may
have been occupied by an elderly relative.

granteeA person to
whom an interest in a piece of property is conveyed.

grantorThe person
who conveys an interest in a piece of property to another
person.

Greek Revival styleA
style introduced in the United States at the end of the 18th century. Its most
prominent feature is a pillar-anchored pediment forming a portico in the front
of the house.

G

greenbeltAny
stretch of park, open space or other natural setting in a
community.

gross incomeThe
total income of a household before taxes or expenses are
subtracted.

ground fault circuit interrupterA device that detects leakage of electrical current to the ground
and prevents accidental shock.

ground rentThe
amount of money paid for the use of a piece of property that is a leasehold
estate.

group homeA
single-family residence used as a living space for unrelated people who require
special care or supervision.

groutA type of
mortar used to fill areas between tiles, stone, or marble.

G

growing-equity mortgageA fixed-rate mortgage that increases payments over a specific
period of time. The extra funds are applied to the principal.

guarantee mortgageA
loan guaranteed by a third party, such as a government
institution.

guaranteed sales programA real estate brokerage program to purchase the seller's equity if
the property does not sell during a predetermined period of
time.

guttersHorizontal
channels installed at the edge of a roof to carry rainwater or melted snow away
from the house.

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Sothebyâ€™s International Realty, Inc.